Ross Stores (NASDAQ:ROST) Updates FY 2024 Earnings Guidance

Ross Stores (NASDAQ:ROST) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 6.100-6.170 for the period, compared to the consensus EPS estimate of 6.140. The company issued revenue guidance of -. Ross Stores also updated its FY25 guidance to $6.10-$6.17 EPS.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ROST shares. Morgan Stanley increased their target price on shares of Ross Stores from $163.00 to $178.00 and gave the company an “overweight” rating in a research report on Friday, August 23rd. StockNews.com cut shares of Ross Stores from a “buy” rating to a “hold” rating in a research report on Tuesday, November 19th. TD Cowen dropped their target price on shares of Ross Stores from $185.00 to $177.00 and set a “buy” rating on the stock in a report on Tuesday, November 19th. Guggenheim reaffirmed a “buy” rating and set a $180.00 price target on shares of Ross Stores in a research report on Friday. Finally, UBS Group lifted their price objective on Ross Stores from $147.00 to $167.00 and gave the stock a “neutral” rating in a research report on Friday, August 23rd. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $171.69.

Ross Stores Stock Performance

NASDAQ ROST opened at $146.09 on Friday. The company has a market cap of $48.47 billion, a P/E ratio of 23.01, a PEG ratio of 2.40 and a beta of 1.09. The company has a fifty day simple moving average of $145.14 and a 200 day simple moving average of $144.62. The company has a current ratio of 1.56, a quick ratio of 1.05 and a debt-to-equity ratio of 0.30. Ross Stores has a 12-month low of $127.53 and a 12-month high of $163.60.

Ross Stores (NASDAQ:ROST) last posted its earnings results on Thursday, November 21st. The apparel retailer reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.07. The company had revenue of $5.10 billion for the quarter, compared to analyst estimates of $5.15 billion. Ross Stores had a net margin of 9.95% and a return on equity of 42.42%. The firm’s revenue was up 3.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.33 EPS. Sell-side analysts predict that Ross Stores will post 6.1 earnings per share for the current fiscal year.

Ross Stores Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 10th will be issued a dividend of $0.3675 per share. The ex-dividend date of this dividend is Tuesday, December 10th. This represents a $1.47 annualized dividend and a yield of 1.01%. Ross Stores’s dividend payout ratio (DPR) is currently 23.15%.

Insider Activity at Ross Stores

In other Ross Stores news, COO Michael J. Hartshorn sold 8,366 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $155.64, for a total value of $1,302,084.24. Following the completion of the sale, the chief operating officer now directly owns 103,049 shares of the company’s stock, valued at approximately $16,038,546.36. This represents a 7.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Barbara Rentler sold 48,885 shares of Ross Stores stock in a transaction that occurred on Tuesday, August 27th. The stock was sold at an average price of $153.93, for a total transaction of $7,524,868.05. Following the transaction, the chief executive officer now directly owns 311,853 shares in the company, valued at approximately $48,003,532.29. This represents a 13.55 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 72,138 shares of company stock valued at $11,093,051. 2.10% of the stock is owned by insiders.

About Ross Stores

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd’s DISCOUNTS brand names in the United States. Its stores primarily offer apparel, accessories, footwear, and home fashions. The company’s Ross Dress for Less stores sell its products at department and specialty stores to middle income households; and dd’s DISCOUNTS stores sell its products at department and discount stores for households with moderate income.